We believe the Macron effect is going to run out. The strengthening of the euro, if it maintains the resistance of 1.1450/1.1500, should be completed. If we were to plummet that resistance, there would be targets at 1.12150, but at the moment we do not believe them plausible. In our view, we believe that a pullback can take place and return the pair to area 1.0780 before the end of summer.
